Our London-based Corporate team has advised Bradda Head Lithium (AIM:BHL) on its entry into a definitive option to joint venture agreement with Kennecott Exploration – part of the Rio Tinto Mining Group.
It is proposed that Bradda Head Lithium will be able to acquire up to a 60% legal and beneficial interest in Kennecott’s Whistlejacket lithium mining project in Arizona, USA.
The Hill Dickinson team advising Bradda Head Lithium on the transaction was led by Partners Sam Hudson and Michael Corcoran, with assistance from Associate Vikash Vaitha.
It is anticipated that Bradda Head will earn up to a 60% interest in the Whistlejacket project in two stages by funding expenditures on the project of US$5.5 million over three years to earn an initial 51% interest, and further expenditures of US$12 million to increase its interests to 60% over an additional three-year period.
It was great to be able to assist Bradda Head with this significant transaction which will enable it to work with a major international mining company to advance an exciting new project. We wish them every success moving forward.Sam Hudson
Corporate Partner at Hill Dickinson
Ian Stalker, Executive Chair of Bradda Head Lithium, said: “The Whistlejacket project will be a fabulous acquisition for the company which we are excited to add to our lithium portfolio and plan on commencing exploration as soon as possible. The project has excellent access in a great jurisdiction on state land, close to both our Basin and San Domingo projects, and has the potential to become a significant asset to the Company. Our partners at Whistlejacket are part of one of the leading international mining companies and we are delighted that they have chosen Bradda Head to drive forward the exploration and potential development of the project.
“It was a pleasure to work with the Hill Dickinson team on this transaction. Their pragmatic and commercial approach enabled us to work with Kennecott Exploration to achieve a fantastic transaction for all parties involved. We look forward to working with them again in the future.”
Sam Hudson, Corporate Partner at Hill Dickinson, said: “It was great to be able to assist Bradda Head with this significant transaction which will enable it to work with a major international mining company to advance an exciting new project. We wish them every success moving forward.”